Important Financial Tips From the Bible
The Bible is full of financial advice, from handling debt and poverty to establishing a just economy. Although many Christians believe that the Bible speaks against going into debt, it teaches something completely different and doesn't forbid borrowing.
Most Bible verses about saving money relate to lending, which is very different from borrowing. Lending implies repayment, which creates a financial relationship between the lender and borrower. Borrowing typically does not create a financial relationship and typically does not entail repayment.
Going into debt can be dangerous. Saving money for emergencies, planning for retirement, and not buying things you can't afford are all important.
Debt can be used as a tool of manipulation by credit card companies and banks, which prey on people with low incomes or poor spending habits (who are disproportionately members of minority groups).
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Financial Tips from the Bible
The Bible contains solid financial advice about everything from managing money to establishing a just economy.
Don’t Turn the Poor into the Enemy
Psalm 41:1 and Proverbs 14:31 are some effective bible verses about saving money. They say that people of faith must help the poor. And it is a terrible sin to let your desire for wealth turn the poor into an enemy or make them feel unwelcome in your communities. The testaments also want you to refrain from spending money on companies engaged in sinful activities.
Make Sure Greed Doesn’t Taint Your Charity
James chapter 2, verses 1-9 asks to show no partiality when holding the faith. According to this scripture, it is your duty to help the poor. If you are only interested in charity that makes you feel good or helps your friends and family, you have lost sight of what charity is all about. True charity does not involve making distinctions among ourselves or becoming judges with evil thoughts.
Borrowing Can Be Great
Psalm 112:5 says that generous people can lend freely and conduct their affairs with justice.
Simply because you can borrow money doesn't mean you should be irresponsible with your finances. But borrowing without interest to help someone else is a way of showing generosity. It would help if you didn't worry about borrowing to help someone else. Is it better to give them the money or let them go hungry?
When You Do Borrow Money, Ensure You Can Repay It
Psalm 37:21 says that the wicked borrow but do not repay. Sometimes, borrowing money can be good if it's to invest in something that will make you more money or help someone else. But if you borrow because you are desperate, without any thought for the future, then you aren't making the right choice.
If you do borrow, make sure you can repay it. If you can't repay it, borrowing money was not a good idea to begin with.
Choose Christian Advisors for Biblically-Responsible Investments
Instead of sinful activities, your hard-earned money should go to biblically responsible avenues suggested by trusted Christian advisors. If you think you can manage your finances without any expert help, you may end up making wrong emotional decisions.
So, consult independent advisors to invest for your retirement.